MOSCOW, June 1 (RIA Novosti) - Boeing (NYSE: BA) will purchase titanium products worth $18 bln from Russia over the next 30 years, the U.S. aircraft giant said.
Sergey Kravchenko, regional president of Boeing for Russia and the CIS, said the company was also planning to spend an additional $5 bln on Russian intellectual and design services.
On April 14, Boeing signed a memorandum with Vsmpo-Avisma (RTS: VSMO), the world's largest titanium producer, to set up a joint venture to manufacture titanium aircraft parts including for the Boeing-787 "Dreamliner". The enterprise will also sell its products on global markets.
Vsmpo-Avisma was established in July 2005, when Avisma (Special Aviation Materials, a Soviet-era enterprise) merged with Vsmpo (Verkhnaya Salda Metallurgical Production Association). The corporation controls a third of the world's titanium market.
